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DiamondCorp suspends shares after Lace deluge

16 november 2016
DiamondCorp has requested a suspension of its shares from trading on both the AIM Market of the London Stock Exchange and on the Alternative Exchange of the JSE pending clarification of its financial position following a flooding incident at Lace mine in South Africa.
The company said two extreme thunderstorms passed over the Lace mine last Friday, dropping almost 90mm of rain in just over an hour.
This, it said, overwhelmed the mine's pumping systems and flooded the 310m production level to the hanging wall.
“In total, more than 10,000 cubic meters of water is estimated to have entered the mine through the open pit and access ramps,” said DiamondCorp.
“ pump the production level dry will take at least a week assuming no further material rainfall.
“However, once the level is dry no production will be possible in the short-term as the longhole drill rig which was operating at the time of the flood will need to be recovered and the electrics rebuilt. This could take up to 12 weeks from the time of recovery.”
The company said it was investigating all options as a consequence of the flooding and its impact on the group's financial position.
DiamondCorp had been experiencing a lot of challenges, which included suspension of operations at Lace by the South African government.
It also had liquidity challenges, which saw it at some point contemplating selling the mine.
However, it recently called off plans for the sale of Lace saying that the approaches it had received from third parties were opportunistic in nature and significantly undervalued the company.
It also concluded a financing facility with Rasmala for £700,000 to satisfy its immediate funding requirements.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished